Don’t believe everything you hear about bankruptcy? Let bankruptcy lawyers Robert C. Bruner and Trey Wright explain. Free consult. 850-385-0342.
Personal And Business Bankruptcy Attorney In The Florida Panhandle
At Bruner Wright, P.A., we have over 30 years of handling business and personal bankruptcies. This experience has shown us that many individuals have a lot of misunderstandings about bankruptcy, from the process to the consequences of filing. We have built our successful practice on a commitment to personal service and a high level of responsiveness, taking the time to carefully explain the details of bankruptcy, and dispel many of these myths.
To help you avoid many of these misperceptions, we have put together this page, which identifies the most common myths and provides accurate information. To set up a free initial consultation to have any other questions answered, contact our office by email or call us at 850-385-0342.
The Most Common Myths About Bankruptcy
- You may never be able to get credit again. Many people fear that filing for bankruptcy will hurt their credit. The reality is that, by the time most people file for bankruptcy, their credit has already been damaged substantially. Although your credit score may initially take a hit after a bankruptcy, a bankruptcy filing is often perceived as a constructive effort to address the problem. Furthermore, the removal of bad debt can make you more attractive to many creditors. If you manage your credit wisely after a bankruptcy, your credit score will improve.
- You must sell all of your assets in order to discharge debt under Chapter 7. In a Chapter 7 proceeding, certain assets are exempt from sale to satisfy your creditors, including your primary residence, motor vehicle, retirement assets and wages.
- Bankruptcy is a sign of personal failure. People file bankruptcy for many reasons, including divorce, illness or injury, or loss of a job. The bankruptcy laws don’t make determinations of good or bad; they were put in place to help people.
- Even though you file for bankruptcy, creditors can still attempt to collect the debt. When you file for bankruptcy, whether a Chapter 7, Chapter 11 or Chapter 13, an automatic stay goes into effect immediately upon filing. This prohibits your creditors from contacting you in any way other than through the bankruptcy in an effort to collect the debt. They cannot call, send letters or take legal action against you.
- You can only file one petition in bankruptcy. You can file a Chapter 7 bankruptcy proceeding every eight years and the guidelines for Chapter 13 filings allow you to file again after an even shorter period of time.
Contact Our Office
To set up a free initial consultation with an experience bankruptcy lawyer, contact us or call us at 850-385-0342. We are available to meet with clients every day of the week.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.